Tuesday, 26 September 2023 09:33 GMT

World Bank implementing new railway project in Azerbaijan


(MENAFN- Trend News Agency) BAKU, Azerbaijan, Dec.7

By Zeyni Jafarov – Trend:

The Azerbaijani government jointly with the World Bank (WB) continues the development of a new project aimed at improving rail freight transportation and logistics, [To enable links contact MENAFN] Trend reports referring to the World Bank.

The total cost of the project implemented within the Azerbaijan Railways & Logistics Modernization program reaches $800 million, about 50 percent of which tentatively will be allocated by WB. The remaining 50 percent will be allocated from Azerbaijan.

The World Bank and Azerbaijan Railways CJSC last year discussed the bank's participation in financing the project for the reconstruction of the Alat-Astara railway line, which is part of the North-South international transport corridor. World Bank Regional Director for the South Caucasus Sebastian Molineus stressed the importance of further strengthening bilateral ties, noting that large-scale work is being done in Azerbaijan to expand transport and logistics capabilities and increase transit potential.

Azerbaijan has been cooperating with the World Bank since 1992. To date, the World Bank has allocated loans to Azerbaijan totaling $3.5 billion for the implementation of more than 50 projects, and thus in 2019 Azerbaijan entered the list of 20 most reforming countries according to the WB.

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